Standard Life has launched its new new trustee accelerator programme, designed to boost the diversity of those sitting on pension scheme boards.
The programme is being supported by Nest, which will also offer bespoke mentoring and shadowing opportunities for trainee trustees.
The programme launches this week with its first intake of 12 trainee trustees, who come from a variety of personal and professional backgrounds.
The programmes is designed to help ensure trustee boards better reflect their scheme membership. The programme provides participants with training and insight int pension via education, the opportunity to shadow existing trustees, and training for appropriate qualifications.
The programme is is being run in partnership with the Pensions Management Institute (PMI). Standard Life says it attracted significant interest since it was announced last November, with the successful candidates on the course selected from a rigorous recruitment process.
Standard Life head of master trust, and founder of the Trustee Accelerator Programme Donna Walsh says: “The creation and launch of this programme feels pivotal for the future make-up of trustee boards, with our trainees bringing diverse experiences and backgrounds to offer the potential to improve the governance and management of pension schemes.”
She adds that the demand for this programme shows a desire in the industry to make pensions more equitable and inclusive. “To meet this demand, we are calling on other providers to consider setting up similar programmes to help raise the bar industry-wide.
She said the trainee trustees come from a range of sectors, that include scientific research, AI and data, banking, fashion and cosmetics, and telecommunications. There are also participants from other non-pensions disciplines at both Standard Life and Phoenix Group.
Nest chair Brendan McCafferty adds: “At Nest, we have more than 13m members, many of whom are on low to middle incomes, and each of whom has a different background and future.We’re working hard to deliver good outcomes for each of those members.
“Our Nest Board thrives on diversity of thought and experience. We want to build on this to support good governance for our members, but also to help build the next generation of trustees to help increase diversity across trustee boards in the wider pensions industry. This is why we’re pleased to be joining the Standard Life Trustee Accelerator Programme and to be welcoming our first trainee trustee in just a few weeks.”
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